What have you done to ensure the survivability of your business? Have you made the tough calls like removing underperforming employees that are dragging your business down? Have you cut your costs, paid down debt in order to make your company a more attractive candidate for bank financing should you need it?
The North Bay Business Journal has an excellent article from Jim Anderson titled “Facing reality, getting real”. He stresses that the new normal is a lack of credit from traditional financing sources, increased business competition and labor issues.
I particularly enjoyed his quote “Any smart business person realizes that the number one asset of your company is the people. If you have not figured that out, I am surprised that you are still in business”
Managing labor is important in this economy; underperforming employees provide average customer service at best. You need world class customer service to survive in this market or your client base is going to take their business elsewhere. In fact eliminating poor performers it not enough, a stronger message is sent when they are not replaced, and that the current employees have to step it up to maintain their jobs.
To read the rest of his article click the following link Facing reality, getting real.
This article was written by Jay Kossen, CPA at Numerico, PC. Click here to view Numerico’s website.
